Yes, that is a big problem. The timecodes of the Open Caption stream in the Caption Panel remain in reference to that stream, not to the times in the timeline. And razoring the caption stream ends any logical relationship to the stream vs timeline location.
The option worth trying is to export an srt from the sequence, then reimport it. Make BACKUPS. The method that I believe works is one Open Captions stream on ONE track in a sequence. In the Project Panel select the sequence. Choose File, Export, Captions. Choose .srt. It will combine the captions from that sequence/track into one srt file. Import back to PR. I"m not sure how I'd replace the caption tracks; it depends on what you actually have.
There are potential problems since you refer to multiple languages. I found that when the Open Captions are on different tracks with the streams overlapping, it switched from the first track to the second, and then never added the others from the first track.
I did not finish my tests. I hope you have the multiple languages on their own tracks. I would try turning off visibility on all tracks but one, and try the export.
This method came from visualfeast on reddit:
https://www.reddit.com/r/premiere/comments/89zml3/help_exporting_multiple_open_caption_streams_to/
A thread where this is discussed is here:
Re: Closed captions/subtitles don't appear in program monitor on upgrading to 13.1.2?